NEW YORK (Standard&Poor's) Sept. 4, 2001--Standard&Poor's today affirmed its ratings on Liberty Media Corp. (see list below) and removed them from CreditWatch where they were placed with negative implications on Feb. 23, 2001, after the company announced its increased investment in United Globalcom Inc. (UGC) and its initial plan to acquire six of nine German regional cable TV companies owned by Deutsche Telekom AG (DT). The current outlook is stable. The rating actions are based on the company's financing plans for the €5.5 billion (about $5.01 billion) DT transaction including €1.5 billion (about $1.37 billion) of Liberty common equity; the gross asset value of its portfolio relative to gross debt; the liquidity benefits of its hedging
